All Forum Posts by: Colton Wanner

@Greg H.

Proof of funds had to be accepted by the agent to even put in an offer! They stated in the agent notes that hard money would not be accepted, cash only. They still let us put an offer in only to reject it due to the appraisal requirement. The electrical to the house had been cut (physically cut the main), so that may have been why, although I would think they would just include that as part of the appraisal? I'm not sure, but it is possible that they weren't allowing it for that reason.

@Greg H.

Sometimes financing can be a problem for HUD. I put in a hard money offer here in Washington on a HUD home and it was rejected because of the appraisal contingency. Could have been a one-off, but that was my experience.

The 2% rule only really applies to markets like you see in the midwest where you can buy a decent property for $30k, which will rent for 2% of purchase price every month, but won't hardly appreciate at all. I'm happy to get $100-200/door in cash flow in Spokane and see the equity gains to boot. @Jeffrey M. If you do end up needing help with your rehab, let me know! I do handyman and contract work alongside my rehabs.

@George Gammon this is a brilliant explanation. I'm surprised that there are still proponents of Dave Ramsey's philosophy when it is obvious that an investment in real estate yields far greater benefits long term.

If the expense of the debt isn't a problem, increase the top line!!

I would take every seller-financed deal I could get my hands on, as long as the numbers make sense! I think it's also a good idea these days to have cash reserves set aside and a plan B just in case things hit the fan and you have to get another loan on the property for whatever reason. Better safe than sorry. 8)

This is perfect timing! I'm just about done with the book and have started networking out-of-state to build my first team. I'm really looking forward to the opportunity to learn and network.